Paper F7 (INT) Financial Reporting (International) Tuesday 14 June Fundamentals Level Skills Module

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1 Fundamentals Level Skills Module Financial Reporting (International) Tuesday 14 June 2011 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FIVE questions are compulsory and MUST be attempted. Do NOT open this paper until instructed by the supervisor. During reading and planning time only the question paper may be annotated. You must NOT write in your answer booklet until instructed by the supervisor. This question paper must not be removed from the examination hall. Paper F7 (INT) The Association of Chartered Certified Accountants

2 ALL FIVE questions are compulsory and MUST be attempted 1 On 1 October 2010 Prodigal purchased 75% of the equity shares in Sentinel. The acquisition was through a share exchange of two shares in Prodigal for every three shares in Sentinel. The stock market price of Prodigal s shares at 1 October 2010 was $4 per share. The summarised statements of comprehensive income for the two companies for the year ended 31 March 2011 are: Prodigal Sentinel $ 000 $ 000 Revenue 450, ,000 Cost of sales (260,000) (110,000) Gross profit 190, ,000 Distribution costs (23,600) (12,000) Administrative expenses (27,000) (23,000) Finance costs (1,500) (1,200) Profit before tax 137,900 93,800 Income tax expense (48,000) (27,800) Profit for the year 89,900 66,000 Other comprehensive income Gain on revaluation of land (note ) 2,500 1,000 Loss on fair value of equity financial asset investment (700) (400) 1, Total comprehensive income 91,700 66,600 The following information for the equity of the companies at 1 April 2010 (i.e. before the share exchange took place) is available: $ 000 $ 000 Equity shares of $1 each 250, ,000 Share premium 100,000 nil Revaluation reserve (land) 8,400 nil Other equity reserve (re equity financial asset investment) 3,200 2,200 Retained earnings 90, ,000 The following information is relevant: Prodigal s policy is to revalue the group s land to market value at the end of each accounting period. Prior to its acquisition Sentinel s land had been valued at historical cost. During the post acquisition period Sentinel s land had increased in value over its value at the date of acquisition by $1 million. Sentinel has recognised the revaluation within its own financial statements. Immediately after the acquisition of Sentinel on 1 October 2010, Prodigal transferred an item of plant with a carrying amount of $4 million to Sentinel at an agreed value of $5 million. At this date the plant had a remaining life of two and half years. Prodigal had included the profit on this transfer as a reduction in its depreciation costs. All depreciation is charged to cost of sales. (iii) After the acquisition Sentinel sold goods to Prodigal for $40 million. These goods had cost Sentinel $30 million. $12 million of the goods sold remained in Prodigal s closing inventory. (iv) Prodigal s policy is to value the non-controlling interest of Sentinel at the date of acquisition at its fair value which the directors determined to be $100 million. (v) The goodwill of Sentinel has not suffered any impairment. (vi) All items in the above statements of comprehensive income are deemed to accrue evenly over the year unless otherwise indicated. 2

3 (a) Prepare the consolidated statement of comprehensive income of Prodigal for the year ended 31 March 2011; Prepare the equity section (including the non-controlling interest) of the consolidated statement of financial position of Prodigal as at 31 March Note: you are NOT required to calculate consolidated goodwill or produce the statement of changes in equity. The following mark allocation is provided as guidance for this requirement: 14 marks 7 marks (21 marks) (b) IFRS 3 Business combinations permits a non-controlling interest at the date of acquisition to be valued by one of two methods: at its proportionate share of the subsidiary s identifiable net assets; or at its fair value (usually determined by the directors of the parent company). Explain the difference that the accounting treatment of these alternative methods could have on the consolidated financial statements, including where consolidated goodwill may be impaired. (4 marks) (25 marks) 3 [P.T.O.

4 2 The following trial balance relates to Highwood at 31 March 2011: $ 000 $ 000 Equity shares of 50 cents each 56,000 Retained earnings (note ) 1,400 8% convertible loan note (note ) 30,000 Freehold property at cost 1 April 2005 (land element $25 million (note (iii))) 75,000 Plant and equipment at cost 74,500 Accumulated depreciation 1 April 2010 building 10,000 plant and equipment 24,500 Current tax (note (iv)) 800 Deferred tax (note (iv)) 2,600 Inventory 4 April 2011 (note (v)) 36,000 Trade receivables 47,100 Bank 11,500 Trade payables 24,500 Revenue 339,650 Cost of sales 207,750 Distribution costs 27,500 Administrative expenses (note (vi)) 30,700 Loan interest paid (note ) 2, , ,950 The following notes are relevant: An equity dividend of 5 cents per share was paid in November 2010 and charged to retained earnings. The 8% $30 million convertible loan note was issued on 1 April 2010 at par. Interest is payable annually in arrears on 31 March each year. The loan note is redeemable at par on 31 March 2013 or convertible into equity shares at the option of the loan note holders on the basis of 30 equity shares for each $100 of loan note. Highwood s finance director has calculated that to issue an equivalent loan note without the conversion rights it would have to pay an interest rate of 10% per annum to attract investors. The present value of $1 receivable at the end of each year, based on discount rates of 8% and 10% are: 8% 10% End of year (iii) Non-current assets: On 1 April 2010 Highwood decided for the first time to value its freehold property at its current value. A qualified property valuer reported that the market value of the freehold property on this date was $80 million, of which $30 million related to the land. At this date the remaining estimated life of the property was 20 years. Highwood does not make a transfer to retained earnings in respect of excess depreciation on the revaluation of its assets. Plant is depreciated at 20% per annum on the reducing balance method. All depreciation of non-current assets is charged to cost of sales. (iv) The balance on current tax represents the under/over provision of the tax liability for the year ended 31 March The required provision for income tax for the year ended 31 March 2011 is $19 4 million. The difference between the carrying amounts of the net assets of Highwood (including the revaluation of the property in note (iii) above) and their (lower) tax base at 31 March 2011 is $27 million. Highwood s rate of income tax is 25%. (v) The inventory of Highwood was not counted until 4 April 2011 due to operational reasons. At this date its value at cost was $36 million and this figure has been used in the cost of sales calculation above. Between the year end of 31 March 2011 and 4 April 2011, Highwood received a delivery of goods at a cost of $2 7 million and made sales of $7 8 million at a mark-up on cost of 30%. Neither the goods delivered nor the sales made in this period were included in Highwood s purchases (as part of cost of sales) or revenue in the above trial balance. 4

5 (vi) On 31 March 2011 Highwood factored (sold) trade receivables with a book value of $10 million to Easyfinance. Highwood received an immediate payment of $8 7 million and will pay Easyfinance 2% per month on any uncollected balances. Any of the factored receivables outstanding after six months will be refunded to Easyfinance. Highwood has derecognised the receivables and charged $1 3 million to administrative expenses. If Highwood had not factored these receivables it would have made an allowance of $600,000 against them. Prepare the statement of comprehensive income for Highwood for the year ended 31 March 2011; Prepare the statement of changes in equity for Highwood for the year ended 31 March 2011; (iii) Prepare the statement of financial position of Highwood as at 31 March Note: your answers and workings should be presented to the nearest $1,000; notes to the financial statements are not required. The following mark allocation is provided as guidance for this question: 11 marks 4 marks (iii) 10 marks (25 marks) 5 [P.T.O.

6 3 Bengal is a public company. Its most recent financial statements are shown below: Income statements for the year ended 31 March $ 000 $ 000 Revenue 25,500 17,250 Cost of sales (14,800) (10,350) Gross profit 10,700 6,900 Distribution costs (2,700) (1,850) Administrative expenses (2,100) (1,450) Finance costs (650) (100) Profit before taxation 5,250 3,500 Income tax expense (2,250) (1,000) Profit for the year 3,000 2,500 Statements of financial position as at 31 March $ 000 $ 000 $ 000 $ 000 Non-current assets Property, plant and equipment 9,500 5,400 Intangibles 6,200 nil 15,700 5,400 Current assets Inventory 3,600 1,800 Trade receivables 2,400 1,400 Bank nil 4,000 Non-current assets held for sale 2,000 8,000 nil 7,200 Total assets 23,700 12,600 Equity and liabilities Equity Equity shares of $1 each 5,000 5,000 Retained earnings 4,500 2,250 9,500 7,250 Non-current liabilities 5% loan notes 2,000 2,000 8% loan notes 7,000 nil Current liabilities Bank overdraft 200 nil Trade payables 2,800 2,150 Current tax payable 2,200 5,200 1,200 3,350 Total equity and liabilities 23,700 12,600 Notes There were no disposals of non-current assets during the period; however Bengal does have some non-current assets classified as held for sale at 31 March Depreciation of property, plant and equipment for the year ended 31 March 2011 was $640,000. A disappointed shareholder has observed that although revenue during the year has increased by 48% (8,250/17,250 x 100), profit for the year has only increased by 20% (500/2,500 x 100). 6

7 (a) Prepare a statement of cash flows for Bengal for the year ended 31 March 2011, in accordance with IAS 7 Statement of cash flows, using the indirect method. (9 marks) (b) Using the information in the question and your answer to (a) above, comment on the performance (including addressing the shareholder s observation) and financial position of Bengal for the year ended 31 March Note: up to 5 marks are available for the calculation of appropriate ratios. (16 marks) (25 marks) 7 [P.T.O.

8 4 (a) Your assistant has been reading the IASB s Framework for the preparation and presentation of financial statements (Framework) and as part of the qualitative characteristics of financial statements under the heading of relevance he notes that the predictive value of information is considered important. He is aware that financial statements are prepared historically (i.e. after transactions have occurred) and offers the view that the predictive value of financial statements would be enhanced if forward-looking information (e.g. forecasts) were published rather than backward-looking historical statements. By the use of specific examples, provide an explanation to your assistant of how IFRS presentation and disclosure requirements can assist the predictive role of historically prepared financial statements. (6 marks) (b) The following summarised information is available in relation to Rebound, a publicly listed company: Income statement extracts years ended 31 March: Continuing Discontinued Continuing Discontinued $ 000 $ 000 $ 000 $ 000 Profit after tax Existing operations 2,000 (750) 1, Operations acquired on 1 August nil Analysts expect profits from the market sector in which Rebound s existing operations are based to increase by 6% in the year to 31 March 2012 and by 8% in the sector of its newly acquired operations. On 1 April 2009 Rebound had: $3 million of 25 cents equity shares in issue. $5 million 8% convertible loan stock 2016; the terms of conversion are 40 equity shares in exchange for each $100 of loan stock. Assume an income tax rate of 30%. On 1 October 2010 the directors of Rebound were granted options to buy 2 million shares in the company for $1 each. The average market price of Rebound s shares for the year ending 31 March 2011 was $2 50 each. Calculate Rebound s estimated profit after tax for the year ending 31 March 2012 assuming the analysts expectations prove correct; (3 marks) Calculate the diluted earnings per share (EPS) on the continuing operations of Rebound for the year ended 31 March 2011 and the comparatives for (6 marks) (15 marks) 8

9 5 On 1 October 2009 Mocca entered into a construction contract that was expected to take 27 months and therefore be completed on 31 December Details of the contract are: $ 000 Agreed contract price 12,500 Estimated total cost of contract (excluding plant) 5,500 Plant for use on the contract was purchased on 1 January 2010 (three months into the contract as it was not required at the start) at a cost of $8 million. The plant has a four-year life and after two years, when the contract is complete, it will be transferred to another contract at its carrying amount. Annual depreciation is calculated using the straight-line method (assuming a nil residual value) and charged to the contract on a monthly basis at 1/12 of the annual charge. The correctly reported income statement results for the contract for the year ended 31 March 2010 were: $ 000 Revenue recognised 3,500 Contract expenses recognised (2,660) Profit recognised 840 Details of the progress of the contract at 31 March 2011 are: $ 000 Contract costs incurred to date (excluding depreciation) 4,800 Agreed value of work completed and billed to date 8,125 Total cash received to date (payments on account) 7,725 The percentage of completion is calculated as the agreed value of work completed as a percentage of the agreed contract price. Calculate the amounts which would appear in the income statement and statement of financial position of Mocca, including the disclosure note of amounts due to/from customers, for the year ended/as at 31 March 2011 in respect of the above contract. (10 marks) End of Question Paper 9

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